New Personal Property Exemption

P.A. 328 of 1998, as amended

The New Personal Property Exemption, PA 328 of 1998, (MCL 211.9 f) as amended, affords a 100% property tax exemption for specific businesses located within eligible distressed communities. This exemption is for all new personal property placed in a district that has been established by the local unit of government. The local unit of government determines the number of years granted and may grant any number of years for the exemption. Applications are filed, reviewed and approved by the local unit of government, but are also subject to review at the State level by the Property Services Division and the State Tax Commission. The State Treasurer, with the written concurrence of the President of the Michigan Strategic Fund, is responsible for final approval. Exemptions are not effective until approved by the State Treasurer.